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TMI Blog2018 (8) TMI 2078X X X X Extracts X X X X X X X X Extracts X X X X ..... 2016 (for brevity the 'Rules'). The contents of the application are supported by the affidavit of Mr. Ashok Kumar. 2. The respondent-Corporate Debtor was incorporated on 17.01.2012 under the Companies Act, 1956, and has its authorized share capital of Rs. 25,00,00,00/- and the paid up capital of Rs. 17,35,76,200/-. The Registered Office of the respondent-Corporate Debtor is at Nissing in District Karnal, in the State of Haryana. The matter, therefore, falls within the territorial jurisdiction of this Tribunal. 3. It is stated that the petitioner-Operational Creditor was regularly supplying paddy to the Corporate Debtor from the year 2012 and the last such consignment was delivered on 09.11.2015. The Corporate Debtor had been making payments partly and since April, 2017, the payments became irregular and in small amounts. The Corporate Debtor even issued a cheque dated 30.12.2017 for an amount of Rs. 20,00,000/- which on presentation to the bank bounced and a dishonour memo dated 28.03.2018 was issued by the bank. The last payment made by the Corporate Debtor was on 04.04.2018 to the tune of Rs. 5,00,000/- and therefore, it is contended by the learned counsel for the petitioner t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 29 dated 11.07.2018 by filing the copy of the ledger account, as directed, and the affidavit also contains the statement about service to the respondent. With this affidavit, the petitioner also filed copy of the reply dated 11.05.2018, [Annexure 3 (Colly)], received from the Corporate Debtor. It is stated in Para No. 5 of this affidavit that copy of the reply to the demand notice sent by the respondent was not filed with the petition as the same was received at the Delhi Office of the counsel after sending the petition to be filed before the Tribunal at Chandigarh. Learned counsel for the petitioner, however, submits that the reply to the notice is dated 11.05.2018, but the same was received later on. 10. Appearance on behalf of the respondent was made on 16.07.2018 and adjournment was requested to file reply with the submission that certain police complaints were also filed against the respondent. When the matter was listed on 09.08.2018, learned senior counsel for the respondent stated that the respondent is not to contest the petition and therefore, reply/objections was not to be filed. 11. We have heard learned counsel for the petitioner, learned senior counsel for the respo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se invoices is at Page No. 57 and 58 of the paper book. The petitioner has also filed the computation of the outstanding amount which is Annexure I at Page 278 of the paper book. In the end, amount of interest has also been added, which shows that the amount of interest was not being added in the ledger account in the regular course. 16. The only question to be determined is whether there is existence of dispute between the parties. No such issue has been raised on behalf of the respondent during course of arguments nor reply to the instant petition is filed. Rather it is submitted by learned senior counsel for the respondent that respondent is not to contest the instant petition. 17. In any case, we have also perused the reply dated 11.05.2018 (Annexure 3) of the respondent to the demand notice attached with the affidavit filed vide Diary No. 2429 dated 11.07.2018. It is stated that the amount as claimed is disputed and no amount as demanded is due. It was also stated that as per record of the respondent-company, no amount is payable to the petitioner. The demand notice is said to have been issued with mala fide and ulterior motive. It has also been alleged that the petitioner i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... istration No. IBBI/IPA-002/IP-N00211/2017- 18/10664. Mr. Mast Ram is also present today. His written communication is at Annexure 11, dated 14.05.2018. He has furnished the required information as mentioned in the form, giving his consent for being appointed as such. Presently, he is serving as Resolution Professional in one case. It is also certified that there is no disciplinary proceedings pending against him with the Insolvency and Bankruptcy Board of India or the Indian Institute of Insolvency Professionals of ICSI. 21. As all the requirements of Section 9 of the Code have been fulfilled, we find that the application for initiation of Corporate Insolvency Resolution Process ('CIRP') against the respondent-corporate debtor deserves to be admitted. 22. Before parting with judgment, we must deal with the claim of Rs.2,06,52,630/- towards interest @19.8% per annum. The petitioner has filed the ledger account for the year 2014 to 13.06.2018 showing the outstanding balance of Rs. 3,43,21,069/- and there was no entry reflecting the addition of interest. The petitioner seems to have relied upon the clause of interest for delayed payment @ 1.65% mentioned at the foot of each bill. Ho ..... X X X X Extracts X X X X X X X X Extracts X X X X
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